WASHINGTON, Feb 18: General Motors and Chrysler have requested another 21.6 billion dollars in bailout funds, adding to the long list of pleas for help facing the administration of US President Barack Obama.

On Tuesday, the same day Obama signed into a law a 787-billion-dollar stimulus package, the carmakers said they needed the cash to stay afloat long enough to restructure the two companies and avoid bankruptcy.

But the request, on top of billions of dollars already approved in December, deepened pessimism about effectiveness of Obama’s rescue plan and prospects of the worst financial crisis in decades ending any time soon.

GM said it would cut 47,000 jobs, close factories and revamp its product line in an effort to reach “sustainable profitability” by 2011.

“These are the kind of actions we need to take to survive the current industry crisis,” said chairman and CEO Rick Wagoner.

GM and Chrysler both said the other option -- a restructuring through bankruptcy -- would be more expensive and lead to greater job losses.

“We believe the requested working capital loan is the least costly alternative,” said Bob Nardelli, the chairman of Chrysler, which announced plans to cut 3,000 jobs and slash production.—AFP